2000 (9) TMI 206

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....e, which is the value of unaccounted stock of fabrics found at the premises of the assessee. (ii) The CIT(A) ought to have considered the fact that there was no evidence to disbelieve the ownership of stock of fabrics, which belong to the assessee and the value of which has been treated as unaccounted stock. (iii) The CIT(A) ought to have considered the fact that the decision of the Tribunal, Bangalore in firm 3 case on same point has not been accepted by the Department and RA has been filed on 17th Nov., 1994, vide IRA No. 18 to 30/C/1994-95 which is still pending before Tribunal. 2. The learned Departmental Representative relied heavily on the orders passed by the AO. According to him, stocks of yarn and fabrics found during the ....

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.... of the assessees. Further, the R.A. of the Revenue has also been rejected by the Tribunal against the said order vide R.A. Nos. 565 to 567/Bang/1994 for the asst. yr. 1990-91. 4. We have heard the rival submissions and perused the materials on record and gone through the orders and decisions brought before us. The main grievance of the Revenue is against the view of the CIT(A) by way of which he has accepted the contention of the assessee that there was no unaccounted money utilised to purchase the stocks found on search and that no addition was called for in the assessment in the asst. yr. 1991-92. We find that the learned CIT(A) has passed a well-reasoned order which is a speaking one. We reproduce the relevant portions of the common ....

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....s, whether cash or credit, have to be proved by the appellant when asked or pressed by the Department to do so. The appellant cannot escape from this responsibility. The AO was not satisfied with the payments made to the weavers only for the fault of not recording their addresses of the weavers on the cash receipts. This is not correct on the part of the AO because, the appellants have recorded the addresses of most of the weavers on the self-made vouchers/cash receipts. They have not maintained any cash books/ledgers, but, only note books in which the self-made vouchers are affixed. I have gone through the note books at random in which the addresses of the weavers on the cash receipts/self-made vouchers were recorded. Of course, the add....